Is capitalism "moribund"?
wpc at clyder.gn.apc.org
Fri Jul 28 15:02:35 MDT 1995
Capitalism on a world scale will not be threatened with fundamental
limits to its development until the industrialisation and
consequent proletarianisation of the world is complete, and
until the world's rate of population growth has substantially
Once that occurs two important processes will come into operation:
1. Any accumulation of capital at a faster rate than the residual
population growth must result in a rising organic composition of
capital tending to push profit rates down.
2. Elimination of the latent reserve army will strengthen the
bargaining position of the world proletariat, reducing the
possibility of raising the rate of surplus value.
These phenomena became important during the 60's and 70's in
the developed world. At that time uneven development plus
barriers to trade and capital flows, masked the fact that there
was an enormous latent reserve army in 3rd world countries.
I guess that a few weeks hard figuring looking at projections of
population growth, rates of capital accumulation and of
proletarianisation should give one an order of magnitude
estimate of how long before morbidity sets in.
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